In the last few years, there has been a notable upswing in the AI industry.
Investments in 2021 were about 30 times larger than a decade earlier. Given how rapidly AI developed in the past – despite its limited resources – we might expect AI technology to become much more powerful in the coming decades, now that the resources dedicated to its development have increased so substantially.
Although venture investment continued to slow down in 2023, that was not the case for the AI sector. Generative AI and AI-related startups raised nearly $50 billion in 2023, per Crunchbase data, with some, including OpenAI, Anthropic and Inflection AI, raking in billions of dollars all by themselves.
In 2023, more than 25% of all investment dollars in American startups have been channeled into AI-related companies, a significant increase from previous years (where it averaged about 12% between 2018 and 2022).
According to Next Move Strategy Consulting the market for artificial intelligence (AI) is expected to show strong growth in the coming decade. Its value of nearly 100 billion U.S. dollars is expected to grow twenty fold by 2030, up to nearly two trillion U.S. dollars. The AI market covers a vast number of industries.
The AI market size in India reached more than 4.1 billion U.S. dollars in 2023. Among all the segments, machine learning had the largest share at 2.7 billion dollars.
Artificial Intelligence – United States In global comparison, the largest market size will be in the United States (US$106.50bn in 2024).
The UK AI market is valued at over $21bn, and it is estimated to grow to over $1tn by 2035. The UK is the third largest AI market in the world after the U.S. and China.
Artificial Intelligence – Worldwide The market size in the Artificial Intelligence market is projected to reach US$305.90bn in 2024. The market size is expected to show an annual growth rate (CAGR 2024-2030) of 15.83%, resulting in a market volume of US$738.80bn by 2030.